Annual Secretarial Compliance Report under Regulation 24A of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 for the year ended 31.03.2026.
SCI · price
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Shipping Corporation of India (SCI), a Government of India enterprise, has submitted its Annual Secretarial Compliance Report for FY 2025-26, certified by PCS Upendra Shukla. The report highlights ongoing board composition issues stemming from delays in government appointments. SCI failed to maintain the required combination of directors, lacked an Independent Woman Director, and did not have 50% independent directors on the board throughout the year (April 2025 to March 2026). Consequently, four board committees (Audit, NRC, Stakeholders Relationship, and Risk Management) could not be properly constituted from April to mid-April 2025 until independent directors were appointed. BSE and NSE levied quarterly fines totaling approximately Rs.16.2 lakh for Reg 17 violations and smaller amounts for committee non-compliances. Stock exchanges subsequently waived fines for Reg 18-21 after SCI remedied the committee composition. SCI continues to represent to competent authorities for timely appointment of directors.
The report shows governance gaps due to government appointment delays, but most penalties have been waived after compliance. The stock remains a PSU with structural governance challenges beyond management control. The ongoing board composition issue (Reg 17) is a repeat observation from the previous year and could attract continued regulatory scrutiny.